The International Energy Agency’s forecasts for global oil supply at the end of 2025 and for 2026 were raised to 3.1 million and 2.5 million barrels per day, respectively.

This is reflected in the IEA’s recent report on this market, confirming the increase in its forecasts for both periods regarding global supply.

The agency “notes that in 2026, total oil supply will be 4.09 million barrels per day higher than total demand, compared to an implied surplus of 3.97 million barrels per day in its last monthly report.”

Furthermore, it emphasized the market imbalance, arguing that “global oil supply continues to increase while oil demand growth remains modest compared to historical standards.”

Regarding which countries will be at the top of global growth by the end of 2025, it mentioned the United States, China, and Nigeria.

M.Pino

Source: elperiodicodelaenergia

(Reference image source: HIKARU on Unsplash)

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The Organization of the Petroleum Exporting Countries (OPEC) announced that it will maintain its projections for increased global crude oil demand in 2025 and 2026, with increases of 1.25 % and 1.31 %, respectively.

According to the October monthly report, “OPEC reiterates its optimistic view regarding the evolution of crude oil consumption, which is supported by the forecast that the global economy will grow solidly, around 3 %, both this year and next.”

The organization estimates that global crude oil demand for the remainder of 2025 will be 105.14 million barrels per day (mbd) and 106.52 mbd in 2026, “an increase of 1.38 mbd compared to this year.”

“Transportation fuels are expected to drive growth in global oil demand this year, with jet fuel growing by around 380,000 bpd year-over-year,” the report details.

Of this figure, nearly 120,000 bpd corresponds to industrialized countries. “Meanwhile, in all other petroleum product categories, except liquefied natural gas (LNG), consumption has not yet returned to the levels it was in 2019, before the COVID pandemic.”

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Source: elperiodicodelaenergia

(Reference image source: Mihai 👑 on Unsplash)

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